Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
The SEC is taking steps to strengthen its systems, policies, and procedures over the completion of investment adviser examinations, according to an inspector general audit report released July 21.
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations agreed with the agency’s Office of Inspector General, which found OCIE internal controls over the investment adviser exam completion process were “generally effective,” but needed improvements, the report said.
OCIE vowed to boost its internal controls to help ensure adequate segregation of duties in the examination process’s intermediate phases in an effort to prevent errors. The office also said it should better articulate staff policies for handling preliminary exit interviews that it uses to discuss preliminary findings with investment advisers and to let them know their next steps in the exam process. Additionally, it plans to release guidance for assigning final examination ratings that help create an investment adviser’s risk profile.
“OCIE appreciates the OIG’s findings that 75 percent of the examination process controls it tested were ‘sufficiently designed and operating effectively’ and that OIG found no deficiencies with respect to OCIE’s investment adviser (“IA”) corrective action reviews,” OCIE acting Director Peter Driscoll said in a response to a draft of the report.
OCIE is responsible for examining approximately 12,000 registered investment advisers. The exams help the SEC fight fraud, enhance industry compliance, and discover risks.
To contact the reporter on this story: Andrew Ramonas in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Phyllis Diamond at email@example.com
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)